Electronic payment transactions in Nigeria have experienced a remarkable surge in the first quarter of 2024, reaching a total of N234 trillion.
This reflects an impressive 89.3 percent increase compared to the same period in 2023, as reported by the Nigeria Inter-Bank Settlement System (NIBSS).
This substantial growth signifies the expanding digital footprint within Nigeria’s financial ecosystem.
Despite the overall growth in electronic transactions, point of sale (POS) transactions witnessed a slight downturn of 7.92 percent, dropping from N2.84 trillion in Q1 2023 to N2.61 trillion in the first quarter of 2024.
A closer look at the electronic payment landscape reveals a significant increase in digital financial services across the months. January saw transactions amounting to N72.11 trillion, followed by a surge to N79.33 trillion in February, and further growth to N83.05 trillion in March.
This consistent month-on-month growth underscores the increasing reliance on electronic payment platforms and the shift towards greater digitalisation in financial transactions.
Comparing to 2023, January 2024 witnessed a significant increase in electronic transactions, from N38.8 trillion to N72.11 trillion, followed by steady growth in February and March.
In terms of Point of Sale (PoS) transactions, January 2024 saw transactions amounting to N850.09 billion, followed by a slight decrease in February to N805.05 billion, and a notable increase in March to N961.86 billion. Comparatively, January 2023 recorded N807.16 billion, followed by increases in February and March, with March 2023 marking the peak at N1.15 trillion.
This surge in electronic payment transactions reflects the growing adoption of digital financial services in Nigeria, highlighting the country’s ongoing digital transformation in the financial sector.
